It has been a while. What can I say? The extremely wealthy are continuing to eat the assets of our country. This little tid bit landed in my lap while I'm down with the flu.
Bank of America had said the payment of $4 billion in compensation in a fourth quarter in which Merrill suffered $15 billion in losses was sanctioned by John Thain, Merrill's chief executive.
This is the very same Thain that "spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000."
Current prices for MER are around $10 down from around $60 a share a year ago and a peak of almost $100 a share as recently as 2007.
This led me to another article:
$50 billion of bailout going to employee bonuses
You pissed yet?
Check this out
Peter Kraus worked hard in the three months he spent at Merrill Lynch this fall — and the $25 million in bonus cash he earned for his troubles was just enough to allow him to afford to buy Carl and Barbaralee Spielvogel's apartment at 720 Park for $36.63 million, twice what they paid for it two years ago.
Sunday, January 25, 2009
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1 comments:
Sounds like Peter Kraus made out like a bandit! $25for a couple months of work.... I could use a deal like that!
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